The first report on the state of bioeconomy, which covers all economic and industrial sectors that use biological resources and processes to produce food, feed, bio-based products, energy, and services, has valued Karnataka's total output at $22.6 billion at the end of 2019. Karnataka's bioeconomy registered 17 per cent growth compared with 2018. Under favourable conditions with an annual growth rate of 10-15 per cent, the sector could reach $40 billion in value by FY2025. "Our confidence to achieve the target much earlier stems from the fact that Karnataka already has a rich presence of 35-plus state and central research institutes," said Dr C N Ashwath Narayan, Minister for Electronics, Information Technology and Biotechnology, Science and Technology.
According to the report, biopharmaceuticals and medical devices industry being the two main components in the state's bioeconomy, account for nearly 35 per cent of the total contribution. With the help of a better plan, biopharma's share could rise from $4.2 billion in FY20 to $9.5 billion by FY25, and medical devices and diagnostics sector could also move from $3.9 billion to $8.7 billion by FY20. Kiran Mazumdar-Shaw, Chairperson of Karnataka's Vision Group on Biotechnology & Biocon group said that even if the current growth trends continue to be impacted by COVID-19 hiccups, Karnataka is estimated to reach $42 billion by 2025. "To bridge the gap in likely revenues, the report recommends a series of strategic initiatives to overcome this hurdle and cross the target in time," she said.
Some of the key recommendations in the report include the establishment of a vaccine hub and a biomanufacturing hub. Also enable agri-tech ecosystem by supporting the application of agri-biotechnological tools like CRISPR, Cas9 (Gene Editing), molecular breeding and further adding value to marine biotech. It also suggested setting up a bio-medical cluster to make important diagnostic and medical devices and value-added agriculture systems in Hassan, Dharwad, and Belagavi areas.
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